Are you considering opening an account with Discover Bank? Whether you're looking for a new bank or just curious about this financial institution, we've got you covered. In this article, we'll explore everything you need to know about Discover Bank, from its history and ownership to its safety and security measures. We'll also answer some of the most common questions people have about Discover Bank, including whether it's a legitimate bank, if it's FDIC-insured, and whether it's a good bank to do business with.
History and Ownership
Discover Bank is a subsidiary of Discover Financial Services, a publicly traded company that was founded in 1985. Discover Financial Services started out as a credit card company, but it has since expanded to offer a wide range of financial products and services, including personal loans, home equity loans, and savings accounts. Discover Bank was established in 2000 and is headquartered in Greenwood, Delaware.
Is Discover Bank a Legitimate Bank?
Yes, Discover Bank is a legitimate bank. It is a member of the Federal Deposit Insurance Corporation (FDIC), which means that deposits are insured up to $250,000 per depositor, per account ownership category, in the event of a bank failure. Discover Bank is also regulated by the Office of the Comptroller of the Currency (OCC), which is responsible for supervising and regulating national banks.
Is Discover Bank Safe?
Yes, Discover Bank is safe. It uses industry-standard security measures to protect its customers' personal and financial information, including encryption and firewalls. Discover Bank also offers a $0 Liability Guarantee, which means that customers are not responsible for unauthorized purchases made with their Discover card or account information.
Discover Bank also has a high rating from independent rating agencies. For example, Moody's Investors Service has given Discover Bank a rating of A2, which is considered a high-quality rating. Additionally, Discover Bank has been recognized by J.D. Power for its customer satisfaction, receiving the highest ranking in the 2021 U.S. Direct Banking Satisfaction Study.
What Services Does Discover Bank Offer?
Discover Bank offers a variety of financial products and services, including:- Checking accounts
- Savings accounts
- Money market accounts
- Certificates of deposit (CDs)
- Individual retirement accounts (IRAs)
- Credit cards
- Personal loans
- Home equity loans
- Student loans
Discover Bank also offers online and mobile banking services, which allow customers to manage their accounts, pay bills, and deposit checks from their computer or mobile device.
Who Owns Discover Bank?
Discover Bank is a subsidiary of Discover Financial Services, which is a publicly traded company. As of September 2021, Discover Financial Services had a market capitalization of approximately $38 billion.
Is Discover Bank a Good Bank?
Whether or not Discover Bank is a good bank for you depends on your individual needs and preferences. However, Discover Bank has received high ratings for its customer satisfaction and has been recognized for its rewards programs and low fees. For example, Discover Bank's Cashback Debit account offers 1% cashback on up to $3,000 in debit card purchases each month, and it has no monthly fees or minimum balance requirements.
Conclusion
Discover Bank is a legitimate and safe bank that offers a variety of financial products and services. It is a member of the FDIC and is regulated by the OCC. Discover Bank has a high rating from independent rating agencies and has been recognized for its customer satisfaction and rewards programs. Whether or not Discover Bank is the right bank for you depends on your individual needs and preferences, but it's worth considering if you're looking for a new bank or financial institution.
The website for Discover Bank is https://www.discover.com/online-banking/. Here are the steps to open an account with Discover Bank:
- Go to https://www.discover.com/online-banking/ and click on "Open an Account" in the top right corner of the page.
- Choose the type of account you want to open (e.g., checking, savings, money market, etc.).
- Enter your personal information, including your name, address, Social Security number, and date of birth.
- Choose your account features, such as overdraft protection and paperless statements.
- Fund your account by transferring money from another bank account or mailing a check.
- Review and submit your application.
Once your account is open, you can access it online or through the Discover mobile app. To log in to your account, go to https://portal.discover.com/customersvcs/universalLogin/ac_main?Aff=Bank and enter your username and password.If you have any questions or need assistance, you can contact Discover Bank customer service by phone at 1-800-347-7000 or by visiting https://www.discover.com/online-banking/contact-us/.
See More:
Discovering the Benefits of Discover Credit Card: A Detailed Review
